Dow clinches 3rd straight gain as tech, communication-services stocks support Monday climb

U.S. stock benchmarks closed solidly higher Monday, powered by a rebound in shares of technology and communication-services companies, as investors shook off concerns about out-of-control inflation to hunt for buying opportunities among assets that have been battered in the tumultuous economic recovery phase from COVID. The Dow Jones Industrial Average [: DJIA] closed up 186 points, or 0.5%, to around 34,394, marking the third straight gain for blue chips. The S&P 500 index rose 1% to 4,197, with gains in information technology, up 1.8%, and communication services, rising 1.8%, leading the charge higher for the broad-market benchmark. The tech-heavy Nasdaq Composite Index closed 1.4% higher at about 13,661. In corporate news, shares of Virgin Galactic Holdings Inc. shot up nearly 30% after the space exploration company completed its first rocket-powered flight from New Mexico to the fringe of space in a manned shuttle. Meanwhile, bitcoin rebounded from a weekend selloff and was changing hands at around $39,600 on CoinDesk from a Sunday low below $32,000.

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